'The pool of candidates for the next chairman of KB Financial Group has narrowed to three: Yang Jong-hee, Chairman of KB Financial Group; Lee Jae-geun, Division Head of KB Financial Group; and former Woori Bank President Kwon Kwang-seok. Yang (Chairman), who has built a strong case for reappointment by delivering record-breaking profits and maintaining leadership in "leading finance," is now competing in the final candidate race, while internal division head Lee and external candidate former President Kwon are stepping forward as challengers.
'On the 27th, the KB Financial Group Chairman Candidate Recommendation Committee (Committee) selected Yang (Chairman), Division Head Lee, and former President Kwon as the three final candidates for the next chairman of KB Financial Group. On that day, the Committee conducted interviews with a total of six individuals: the three final candidates, along with KB Financial Group Division Head Lee Chang-kwon, KB Kookmin Bank President Lee Hwan-ju, and one anonymous external candidate.
'First, since taking office in November 2023, Yang (Chairman) has led KB Financial Group to record-breaking profits, strengthening his case for reappointment. The group’s net profit for the first half of this year reached 3.8846 trillion won, a 13.1% increase from the same period last year, marking the highest semi-annual profit in the company’s history.
'Notably, the expansion of its revenue structure beyond banking into non-banking sectors stands out. The contribution of non-banking affiliates to the group’s net profit in the first half of this year rose to 44%, up from 39% in the same period last year—a 5 percentage point (P) increase. KB Securities’ semi-annual net profit surged by 135.0% year-on-year to 796.3 billion won, driving growth in the non-banking sector.
'Expanding shareholder returns is another achievement that Yang (Chairman) can highlight. Based on improved performance, KB Financial Group has announced a shareholder return of approximately 3.7 trillion won for this year.
'Internal rival Division Head Lee Jae-geun has gained experience across both banking and holding company core operations. He served as President of KB Kookmin Bank from 2022 to 2024. Before his appointment, Hana Bank’s net profit rose sharply from 2.5634 trillion won in 2021 to 3.2518 trillion won in 2024—a 27% increase. Currently, he is responsible for global operations, wealth management (WM), and SME (small and medium-sized enterprise) finance at KB Financial Group. His strength lies in his comprehensive experience covering the entire group, including non-banking and overseas businesses, in addition to his banking management background.
'Former President Kwon Kwang-seok, an external candidate, led organizational stability and performance improvement during his tenure as Woori Bank President. In the first year after taking office in 2020, net profit fell by 9.5% year-on-year to 1.3632 trillion won, a setback caused by fallout from the DLF and Lime Fund incidents and the COVID-19 pandemic. However, he raised net profit to 2.3755 trillion won the following year—a 74.3% increase from the previous year.
'Meanwhile, the KB Financial Group Chairman Candidate Recommendation Committee will conduct a second round of in-depth interviews and voting with the three candidates next month on the 11th to finalize one final candidate.
'The final candidate is expected to be recommended as the next chairman by the Board of Directors on October 2, following qualification verification and recommendation procedures by the Committee and the Board. The appointment will then be finalized at an extraordinary shareholders’ meeting.
'Committee Chairman Jo Hwa-jun stated, “This management succession process is being conducted transparently based on fair and objective standards,” adding, “We will do our utmost until the end to ensure that the most suitable candidate, trusted by all stakeholders, is appointed as the next chairman.”
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